Mswipe's payment business turns profitable, FY24 revenues grow 6%

In FY24, payments revenue grows 6.25% to Rs 275 crore; total payment value more than doubles to Rs 50,417 crore

Mswipe’s core payments business turned profitable in financial year 2024 (FY24), posting a cash profit of Rs 4.5 crore, compared to a loss of Rs 1.1 crore in FY23 and a larger loss of Rs 16 crore in FY22.

 

The Mumbai-based company’s payments revenue grew marginally by 6.25 per cent, from Rs 259.2 crore in FY23 to Rs 275.4 crore in FY24. The payments service provider operates as both an online payments aggregator and an offline payments acceptance platform.

 

The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda), excluding employee stock option plan (ESOP) costs, turned positive at Rs 2.5 crore in FY24, compared to a Rs 2.9 crore loss in the previous year.

 

 

Total payment value (TPV) more than doubled on a year-on-year (Y-o-Y) basis, increasing from Rs 24,381 crore in FY23 to Rs 50,417 crore in FY24.

 

Mswipe received a payment aggregator (PA) licence from the Reserve Bank of India (RBI) in February 2024.

 

“Our FY24 performance reflects the trust our banking partners and merchants have placed in us. We remain committed to delivering innovative and robust technology in payments that empower businesses and prioritise customer satisfaction,” said Ketan Patel, co-founder and chief executive officer, Mswipe Technologies.

 

The company has partnered with over 40 banks for service distribution. As of October, it had over four lakh active payment acceptance terminals.

 

Mswipe is backed by investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. It has raised $126 million across ten funding rounds, according to data from market intelligence platform Tracxn.